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While Facebook thrives in the marketplace, the company is under siege by angry critics both inside and outside of government over privacy issues. The Federal Trade Commission (FTC) claims that Facebook violated its 2011 privacy consent decree and may impose a fine on the company of up to $5 billion. The FTC alleges that Facebook did not do enough to protect user data from being improperly exploited by Cambridge Analytica, which used that data to supply strategy advice to the Trump campaign.
In one sense, the fine is the least of Facebook’s worries; other initiatives are in development to alter the way the company does business. With her usual lack of caution, Senator Elizabeth Warren has called for the breakup of Facebook, Amazon, and Google on the ground that their allegedly monopolistic practices tend to squash smaller upstarts, leading to what she laments as a rapid decline in competition and innovation across an industry that has been defined by fierce competition and high levels of innovation. Warren doubled down on her position by recently unveiling a new bill imposing criminal liability—including jail time—on corporate executives for simple negligence in carrying out their manifold duties.